Lorenzo moves to new De Beers-LVMH joint venture

?The De Beers Group and LVMH Moet Hennessy-Louis Vuitton have declared their intention to appoint Alain Lorenzo as ceo of their jointly owned company. The two groups recently announced the formation of the new venture, which has been established to drive the global development of the De Beers brand.

Lorenzo is president and ceo of eLuxury, the luxury website established by LVMH last June. He previously served as president and ceo of Parfums Givenchy. Commenting on the appointment, LVMH group managing director and chairman of the newly formed company Myron Ullman said: "Alain Lorenzo has a long and successful record with the LVMH Group. He has a demonstrated ability to build on the heritage of a brand while propelling it into new markets, and this will be a key asset as we take the De Beers brand into new territory."

Alain Lorenzo added: "I relish the opportunity to use my experience in luxury goods to turn this company into a success. We will be working to realise the untapped potential of De Beers in the sale of premium diamond jewellery and associated luxury goods. We want to develop the business plan and set the foundations for the company's flagship stores and international roll-out."

Barbara Wambuch, who was executive vice president of merchandising and marketing, replaces Lorenzo at eLuxury.